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's pension benefits an cut those benefits, adopted a multimillion dollar tax cut for multinational corporation within that state. so the state is not impoverished. the state is choosing priorities that are different than the citizens have chosen by adopting a constitutional protection of pension benefits. >> woodruff: andrew biggs what about that, and what about the bigger picture here, that the blame, that if there is going to be pain, the pain should be spread, that it shouldn't be mainly or even in large part these people who have worked so hard for these cities. >> uh-huh. i suspect in the case of detroit, it's not going to be mainly or in large part on the pensioners, it going to be mostly on the bondholders who are going to get hit much more. i mean steve is right when he cites the average benefits people receive from pensions. that includes a lot of people who spent a few years in public employment and are getting very small benefits. if you are somebody who spent a full career working for the city of detroit, you would retire with a benefit equal of around two-thirds your f
a movement among young people that would change entitlements and also taxes. >> i want to shine a light on this issue and i am desperately hoping the young people will start a movement. do i want to start the movement? i don't think i'm capable. do i think i canar tick tlat facts and have i seen them respond that somebody out there can start a movement? yes. in my opinion they were instrumental in getting gay marriage passed. they're moving the needle on the environment. this thing is very similar. >> rose: on both of of those issues you were on their side. on gay rights and the environment. >> still am. >> rose: we conclude with guillermo del toro, the mexican filmmaker and author. >> i think that the way to understand the universe is by sort of codifying hit in the dichotomy of angels and demons. you can call them monsters, superheroes, whatever it is but we have to mythologize the universe in order to apprehend it. because if you don't -- it's like digesting concepts that are so large, so super or supra human that you need mythology to understand it. >> rose: stanley druckenmiller an
involved in the problems between states and on-line retailers about the collections for sales taxes. in a big review, the high court will not review the suit brought by and which urges that by wednesday they have the requirement to collect sales taxes even though the sellers are not located in those states. >>> and meanwhile, and founder revealed in a 60 minutes interview revealed the biggest retailer is working on a drone delivery service that he says could be up and running in five years. more on the jetson's like idea, and the hurdles it faces. amon, could this plan ever really get off the ground? >> i see what you did there, tyler, look, these things will not fly an inch if the faa doesn't say they can do it. and right now, there is just not the regulatory infrastructure in place to allow a swarm of drones flying over residential and commercial areas of the united states. it is just not possible. but congress has told them to get ready for it and to have the regulations in place by 2015. a lot of experts say the faa will not likely hit the de
, and the earned income tax credit to get by at a cost of nearly $7 billion a year to taxpayers. that's compares to 25% of the overall workforce who depend on such programs. as workers from wendy's to wal- mart call for a living wage. >> hold the burgers, hold the fries, we can't survive on $7.25. >> reporter: others are calling on congress to increase the federal minimum wage-- now $7.25 an hour-- and last raised in 2009. >> if you work hard, you should make a decent living. >> reporter: that includes president obama, who spoke wednesday about inequality at the left-leaning center for american progress. >> we all know the arguments that have been used against a higher minimum wage. some say it actually hurts low- wage workers; business will be less likely to hire them. there's no solid evidence that a higher minimum wage costs jobs, and research shows it raises incomes for low-wage workers and boosts short-term economic growth. ( applause ) >> reporter: not everyone buys those arguments. in downtown washington's freedom plaza, where skateboarders took advantage of unseasonal warmth this week,
, though not taxes and some entitlement cuts, though in the medicare and social security. it's a modest deal but lawmakers hope they can announce it by the end of the week, enact it next week and avoid a government shutdown in january. >> who are winners and losers to the extent we know what stays and goes and maybe more pointly, what does this mean for those looming deadlines the government shutdown number which was i think middle of january and then the debt ceiling debate, which resurfaces then again, i think, right around the super bowl? >> tyler, it means both that the debt ceiling increase and the government funding are likely to occur as scheduled, avoid a crisis like we had. lawmakers don't have much appetite for that, especially going into an election year. so in that sense, it's good news for the entire country. in terms of losers, the kinds of fees they are talking about and again, we don't have a final deal are things like higher airline ticket fees, the president had those in the budget. when you look at the budget cuts, not medicare, social security cuts but federal retire
and by some government agency s issuing tax refunds and unemployment benefits. >>> still ahead, will twitter's big plan to make more money pay off for shareholders, or will this add strategy potentially backfire? >>> the biggest decliner in the dow today, microsoft. invest tors dumped shares on hearing that alan the ceo of ford may not take the wheel. there is intense speculation he will step into the job after the contract at ford ends in 2014. here is how he answered to phil lebeau about taking the top job. >> i'm honored to serve ford and we have no change in the plan. >> reporter: i understand that but you didn't answer my question. have you been approached? >> i did answer your question. i'm honored to serve ford and we don't comment on speculation. >> shares of microsoft fell nearly 2.5%. >>> shares of twitter went the other way today, rising almost 4.5% after announcing adds targeting tools designed to give its advertisers a boost and prove to investors it can make more money. julia boorstin has the story. >> reporter: twitter's newest advertising tool targets users based not on what
it was very hard to convince they should pay taxes in a city like detroit so employees could get generous pensions. so i think it began when it cut the private pensions. i think the interesting thing in detroit is that the bankruptcy even though the constitution says you can't cut pensions, he said you can and that rahm emanuel in chicago is looking at that. >> the mayor of l.a. california, as well. >> san jose. decision.s a huge gwen: let me ask you about this, though. one of the other discussions in about unemployment benefits, extending unemployment benefits, whether it's a tradeoff for the budget or what is a chance that that's going to happen and economicdoes the good news depending on something like that? >> john boehner said the good economic news means it's not necessary but people on the arer side would say, there four million people out of work six months or more. in of the decline unemployment last month was in people who were unemployed for a isn't itiod of time so cruel to take away unemployment meant tothat weren't be temporary until the economy gets stronger and other peopl
whether big online retailers have to collect state sales taxes. the justices turned away appeals from amazon and after they lost a case in new york state. in the absence of a national ruling, more states may try to tax sales on the internet. a new york commuter train was doing 82 miles an hour when it hit a sharp curve and derailed sunday, killing four people. the speed limit there is 30 miles an hour. investigators from the national transportation safety board announced the findings today from the train's two data recorders. they said it's clear what the train was doing, but not why. >> the locomotive had an event recorder, the cab car had an at in point in time it is preliminary but we can say here's what happened. we know speeds and positions, power settings and brake application. we don't know whether the brakes -- went to zero pressure because of a valve change or because of the train breakup. >> woodruff: the wreckage on the track meant some 26,000 commuters had to find alternative routes today. the government's health care website is hitting on more cylinders. whi
. axd income tax forcing businesses to payi]lp t own workers. >> do you agree? obviously you do. >> i think that'sc absolutely right.xd wefá -- where we're seeing, as mentioned earlier, where we're seeing the growth in the economo is in n these low-wage sectors. we've seen a decline inç middle-class jobs in the country. if we we need to do something to raise the bottom, get more consumer demand back in the economy, deal with some of the issue of qualiti. to do that, we've got raise the floor. and this combination of publice policies like minimum wage laws, organizing, we're seeing in consumer pressure, all can come together to begin to do that. >> okay. very interesting, and much more debate to come in the new year, i'm sure, with congressional calls, as well, for a federal minimum wage hike. soe1i] i want to thank you both being here. ken jacobs and ron unz, thanks for being with us. >> thank you. >>> the bay area has long been known as an incubator ofxd innovation. one epicenterkÑf that creativity of stanford, alsoÑi knowne1 as the school.fá the d school nurtures outside--y(uit
is you are going to be able to a take the tax revenue that comes into the city of detroit and put it back into the services like police, the police department like the fire department and making sure the fire rigs are working when they are called out to a fire and picking up trash and making sure the lighting grid is up and running and working streetlights in the neighborhoods in the city of detroit, so what that is going to do, when you bring down the debt and you bring it, you erase it and you start with that clean slate you will be able to infuse money back into the city of detroit, back into the services and really make detroit a better place to live and that is the bottom line in in story. >> a big day, in the life of your city, detroit. christy mcdonald, we thank you very much. >> thanks, judy. >> >> woodruff: again, the other major developments of the day. president obama touted the benefits of the affordable care act in a bid to shift the focus from problems with and policy cancellations. vice president biden arrived in japan and rebuked china for imposing an air de
aside it will compound tax free. start saving early. >> rose: compound willing do wonders won't it? >> amazing. and until you want to invest directly in individual stocks, start a paper portfolio. say i'm going to buy these ten companies and then write down in like five bullets why. what's the reason i bought those? then keep checking a year later. what happened? did they keep growing or did the competitor come along. do a paper portfolio. you can do what i did with a real portfolio and find out what am i good at? what am i bad senate and i good at small growth companies? maybe i paid too high for stocks. you can do this over four or five years and learn what your skills are and then specialize that. i had owned thousands of companies. >> rose: when you were running $14 billion, did you see in your mind's eye-- and let's assume a lot of it was pension fund money whatever-- but did you see individuals "i'm investing for the fireman down the street." did you? >> it was -- almost none of pit. it was incredible that thrill. i got letters when the market went down in '87. my fund went d
Search Results 0 to 22 of about 23 (some duplicates have been removed)